ST戴帽对公司价值和经营绩效影响的实证研究

发布时间：2018-02-05 21:55

本文关键词： ST制度公司价值经营绩效倾向值匹配双重差分　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：特别处理(special treatment,ST)制度是一项中国股票市场所独有的特殊制度。上市公司由于财务困境等异常状况会被实施ST。监管部门建立ST制度是为了监督和规范上市公司行为以及保护投资者利益,从而维护证券市场的稳定与健康发展。ST制度不仅具有退市预警的作用,还是财务困境的标志。退市风险和财务困境会对上市公司产生负面影响。财务困境会促使企业采取一些积极的管理行为来改善经营业绩。面对此种现象,本文希望基于公司价值和经营绩效的角度,研究ST制度对上市公司有何影响,验证该制度是否有效,并且是否值得公司通过盈余管理来主动戴帽。公司价值和经营绩效是研究公司金融的热门话题,也是本文所感兴趣的被解释变量。本文以我国股票市场为研究对象,以公司金融为理论基础,来探讨ST戴帽对公司价值和经营绩效的关系。本文利用倾向值匹配和双重差分模型来研究ST戴帽对公司价值和经营绩效的因果效应。以2004-2014年的非金融A股上市公司为样本,本文研究发现,在倾向值匹配前,ST戴帽能够显著地提高公司价值。但在倾向值匹配后,即控制了其它公司特点等影响因素后,仅ST戴帽本身并不能提高公司价值。具体而言,ST戴帽不仅降低了资产的账面价值,而且也降低了资产的市场价值。这说明ST制度起到了风险预警的作用,投资者并没有盲目追捧ST股票。此外,ST戴帽对公司及其管理层也具有警醒作用,能够显著提高公司的未来经营绩效。以上结果表明,ST制度在证券市场上基本发挥了预期的政策作用,是符合中国实情的有益尝试。
[Abstract]:Special treatment of special treatment. St). The system is a special system unique to the Chinese stock market. Due to abnormal conditions such as financial distress, the listed company will be implemented ST.Supervisory authorities set up St system to supervise and regulate the behavior and protection of listed companies. Investor interests. In order to maintain the stability and healthy development of the securities market. St system not only has the function of delisting warning. Delisting risk and financial distress will have a negative impact on listed companies. Financial distress will urge enterprises to take some positive management behavior to improve business performance. Facing this phenomenon. This paper hopes to study the impact of St system on listed companies and verify whether the system is effective or not based on the perspective of company value and operating performance. And whether it is worthwhile for the company to take the initiative to wear a hat through earnings management. Corporate value and business performance is a hot topic in the study of corporate finance. This paper takes the stock market of our country as the research object and takes the corporate finance as the theoretical basis. This paper studies the causal effect of St hat on firm value and business performance by using tendency value matching and double difference model. A sample of non-financial A-share listed companies. In this paper, it is found that wearing St hat before the tendency value matching can significantly improve the company value, but after the tendency value matching, that is, after controlling the influence factors such as the characteristics of other companies. St hat alone does not increase the value of the company. Specifically, it not only reduces the book value of assets. It also reduces the market value of assets. This shows that St system plays a role of risk warning, investors do not blindly pursue St stocks. In addition, St hat is also a warning to the company and its management. The above results show that St system has basically played the expected policy role in the securities market, and it is a beneficial attempt in line with the reality of China.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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